Daily fixation below 1.3870 gathered enough bearish pressure to push towards the recent demand zone around 1.3700.
Thus, the EUR/USD pair established a new supply level at 1.3845. It rejected the bulls on March 24 strongly so any further visits should be considered for selling.
At the end of the previous week, there has been an intraday demand level expressed at 1.3700 which paused the recent slide off 1.3965 pushing again towards 1.3800.
The price level of 1.3820 corresponds to previous significant tops. Bearish rejection was expressed at retesting that took place last week.
That's why, bearish pressure is being applied on price level of 1.3700 to get broken this time.
The depicted uptrend line came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as a significant intraday DEMAND.
Since the EUR/USD pair broke below 1.3855, the pair has roughly been moving sideways with slight bearish tendency.
That's why any further visits towards 1.3800-1.3840 should be considered for selling with stop loss as daily closure above 1.3890. The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Intraday technical levels and trading recommendations for EUR/USD for April 8, 2014 . Thanks for your support on Intraday technical levels and trading recommendations for EUR/USD for April 8, 2014
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